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Production Risk And Efficient Allocation Of Resources

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  • Jock R. Anderson
  • William E. Griffiths

Abstract

Efficient allocation of resources has usually been couched in risk less terms, partly because statistical techniques did not exist for measuring the impact of varying levels of factors of production on risks associated with production. Now that such techniques are available, methods are required for determining efficient allocations. Such models, particularly those exploiting stochastic efficiency analysis, are illustrated here with respect to empirical risk-sensitive, farm-firm production functions.
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  • Jock R. Anderson & William E. Griffiths, 1982. "Production Risk And Efficient Allocation Of Resources," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 26(3), pages 226-232, December.
    • Handle: RePEc:bla:ajarec:v:26:y:1982:i:3:p:226-232
    DOI: j.1467-8489.1982.tb00415.x
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    1. Meyer, Jack, 1977. "Choice among distributions," Journal of Economic Theory, Elsevier, vol. 14(2), pages 326-336, April.
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    8. J.H. Duloy, 1959. "Resource Allocation And A Fitted Production Function," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 3(2), pages 75-85, December.
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    1. Griffiths, William E., 1986. "A Bayesian Framework For Optimal Input Allocation With An Uncertain Stochastic Production Function," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 30(2-3), pages 1-25, August.
    2. Salassi, Michael E. & Deliberto, Michael A. & Guidry, Kurt M., 2013. "Economically optimal crop sequences using risk-adjusted network flows: Modeling cotton crop rotations in the southeastern United States," Agricultural Systems, Elsevier, vol. 118(C), pages 33-40.
    3. Schuurs, Mark & Wegener, Malcolm K., 1999. "Farm Dams - Are They An Option For The Queensland Sugar Industry," 1999 Conference (43th), January 20-22, 1999, Christchurch, New Zealand 124549, Australian Agricultural and Resource Economics Society.
    4. Passmore, J.G. & Brown, Colin G., 1991. "Analysis Of Rangeland Degradation Using Stochastic Dynamic Programming," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 35(2), pages 1-27, August.
    5. Antle, John, 1987. "Technology and Uncertainty: Evidence from Egypt," 1987 Occasional Paper Series No. 4 197406, International Association of Agricultural Economists.
    6. Anderson, Jock R. & Dillon, John L. & Hardaker, J. Brian, 1985. "Farmers and Risk," 1985 Conference, August 26-September 4, 1985, Malaga, Spain 183026, International Association of Agricultural Economists.
    7. Wall, Charles A. & Fisher, Brian S., 1988. "Supply Response and the Theory of Production and Profit Functions," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 56(03), pages 1-22, December.

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